Find an agent near me
Talk To Us

Ramad Pay's Commitment to Compliance, Trust and Transparency Through a Focus on AML/CFT

Ramad Pay takes its responsibilities in combating money laundering and terrorist financing extremely seriously. As a leading financial services provider, we recognize that we have an important role to play in detecting and preventing financial crimes that could undermine the integrity of the global financial system. This statement outlines Ramad Pay’s steadfast commitment to compliance, trust and transparency, with a particular focus on our anti-money laundering and counter terrorist financing (AML/CFT) efforts.

Our Approach to AML/CFT Compliance

Ramad Pay maintains a robust AML/CFT compliance program designed to comply with all applicable laws and regulations in the jurisdictions in which we operate. Some key elements of our approach include:

Risk-based controls

We employ a risk-based approach, allocating more resources to higher-risk areas and continuously updating our understanding of emerging risks. Controls are calibrated appropriately based on factors like customer risk profile, transaction patterns, and geographic locations.

Advanced analytics

We leverage advanced analytics and artificial intelligence to effectively identify suspicious activity. This allows us to focus our efforts on the highest risk transactions and customers.

Ongoing monitoring

We conduct regular surveillance and monitoring of all customer accounts and activity to identify potentially unusual or suspicious transactions. Any detected issues are promptly escalated and investigated.

Robust customer due diligence

We have comprehensive know-your-customer (KYC) procedures to verify customer identities and understand the nature of their business. Enhanced due diligence is performed for higher risk customers.

Dedicated AML team

Our experienced AML team is devoted to overseeing and enforcing our compliance program. Team members regularly attend training to stay abreast of the latest regulatory developments.

External audits

Independent external auditors periodically assess the adequacy of our AML/CFT policies and procedures. Audit findings are reviewed by senior management and remediation action is taken where necessary.

Fostering a Culture of Compliance

A strong risk and compliance culture is vital for an effective AML/CFT program. At Ramad Pay, adherence to compliance is emphasized at all levels of the organization:

Tone at the top

Our executive leadership and Board of Directors actively cultivate a culture of integrity where compliance is treated as a strategic priority.

Policies and training

Comprehensive AML/CFT policies and procedures are maintained and communicated. Mandatory training is provided to all employees annually.

Individual responsibility

All employees understand it is their personal duty to be vigilant about compliance, and are empowered to flag any suspicious activities without fear of retaliation.

Oversight

Management oversight, including internal audit and quality assurance testing, ensures consistent adherence to AML/CFT policies across the organization.

Incentives

Compliance-related KPIs are incorporated into performance evaluations and incentive structures for applicable employees and business units.

Effective Reporting and Transparency

Ramad Pay strives to maintain open and cooperative relationships with regulatory authorities and law enforcement agencies. Some aspects of our reporting and transparency include:

SAR reporting

We file Suspicious Activity Reports (SARs) and other required reports on a timely basis to financial intelligence units and law enforcement.

Information sharing

Subject to applicable laws, we readily share information with authorities to combat financial crimes as well as with industry peers through public-private partnerships.

Law enforcement assistance

Our financial investigations team works closely with law enforcement to support investigations and prosecutions of money laundering and terrorist financing.

Compliance culture

Our commitment to compliance permeates the organization and we are transparent about our AML/CFT program with all stakeholders including customers, investors, and the public.

Effective Reporting and Transparency

As technologies and payment methods continue evolving, so too will financial crimes. Ramad Pay is committed to remaining vigilant to stay ahead of emerging money laundering and terrorist financing threats. We will continue investing in our compliance program, leveraging new innovations, and working with stakeholders worldwide to ensure the integrity and security of the global financial system. Our customers, partners, and all communities we serve can remain confident in Ramad Pay as a trusted provider dedicated to the highest standards of compliance.

In summary, through a robust risk-based AML/CFT compliance program, strong culture of compliance, effective reporting and transparency, and safeguarding of customer funds, Ramad Pay demonstrates an unwavering commitment to compliance, trust and transparency. We take our role in protecting the integrity of the financial system extremely seriously and will continue working diligently to mitigate the risks posed by money laundering and terrorist financing. Our stakeholders can feel fully confident in Ramad Pay as a financial services provider dedicated to lawful conduct and ethical business practices.

Industries
Company
Insights
Linkedin Facebook-square Instagram Google-plus-g
© 2023 Ramad Pay, Inc. All rights reserved. Powered by Digityza
We are authorized to transmit money in many U.S. states and to expand. NMLS ID:1139908

Powered by

wpChatIcon

Ramad Pay Careers

Quick Inquiry

before you go!

sign up for our newsletter to receive an x promo code